Executive Directors approved the International Bank for Reconstruction and Development (IBRD) loan for the Metro Colombo Urban Development Project to the Democratic Socialist Republic of Sri Lanka in the amount of US$ 213 million on the payment terms ... See More +Executive Directors approved the International Bank for Reconstruction and Development (IBRD) loan for the Metro Colombo Urban Development Project to the Democratic Socialist Republic of Sri Lanka in the amount of US$ 213 million on the payment terms and conditions set out in the President's memorandum (R2012-0028). Executive Directors expressed support for the project, which will reduce flooding in the Colombo water basin and strengthen the institutional capacity of local authorities. They also welcomed this first engagement in Metro Colombo noting its focus on infrastructure development. Executive Directors further noted the project implementation challenges, including institutional capacity, social safeguards issues, and stressed the importance of close monitoring. Finally, Executive Directors highlighted the need for coordination among key stakeholders.
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